MARKET WRAP: Sensex, Nifty end flat with negative bias; PSBs, IT slip

The S&P BSE Sensex touched an intra-day low of 39,461 levels while the Nifty50 drifted to 11,817 levels during the day before staging a limited recovery. Banking stocks were among the key losers

11:35 AM

NMDC skids 7% after protests halt iron ore production at Chhattisgarh unit

Tribals’ agitation against the allotment of an iron-ore mine to NMDC entered the sixth day on Wednesday, also affecting production at the company’s Bacheli-Kirandul complexes in Chhattisgarh. The two complexes in Dantewada district, with 25 million tonne per annum (mtpa) capacity, contribute a lion’s share to NMDC’s total output, the Business Standard reported. READ MORE

11:01 AM

Maybank on Sterlite Technologies

Share Price: Rs 192
 

12m Price Target: Rs 340 (+77%)

Recommendation: Buy

Swing Factors

Upside

- New order wins in network design segment.
 

- Faster than expected commissioning of new OF capacity.
 

- Demand pick-up in optic fibre cables volume in India.
 

Downside

- Slowdown in global demand for OF and OF cable.
 

- Delay in commissioning of capacity.
 

- USD/INR appreciation to impact earnings owing to increasing exports dependence.

10:52 AM

EXPERT VIEW ON IIP | Sujan Hajra, Chief Economist, Anand Rathi Shares

IIP growth came ahead of expectations. But given the inherent volatility of monthly numbers, this substantially does not change the subdued outlook for H1FY20. We think government would continue to focus on growth through different measures including tax cuts and increased welfare related spending. RBI, too, would maintain accommodative liquidity and interest policy stance.

 

10:51 AM

PwC auditor observations 'baseless and unjustified': Reliance Capital

Reliance Capital Ltd said on Thursday the observations of PricewaterhouseCoopers (PwC) about its fiscal accounts were "completely baseless and unjustified", a day after the auditor withdrew from assessing the shadow bank's fiscal year 2018/19 accounts.

 

In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's fiscal year 2018/19 accounts after not receiving "satisfactory response" to its queries on certain observations in its assessment, Reliance Capital said in a statement on Wednesday.

 

10:43 AM

Momentum Picks by ICICI Securities

10:41 AM

Jet Airways tanks 15% after BSE, NSE put trading restrictions w.e.f June 28

Shares of Jet Airways (India) slipped 15 per cent to Rs 93 apiece during the morning deals on Thursday to hit a fresh lifetime low on the BSE and National Stock Exchange (NSE). The fall comes on the back of the exchanges' decision to switch deals on the stock to ‘trade-to-trade’ segment with effect from June 28, 2019 till further notice. Under this category, delivery of shares is compulsory. READ MORE

10:26 AM

Market check

10:26 AM

Market check

10:03 AM

Kotak Securities on KNR Constructions

KNR CONSTRUCTIONS LTD
 

LAST CLOSING PRICE: RS 281

TARGET PRICE: RS 312

RECOMMENDATION: ADD

KNR has track record of generating positive operating cash flows which would help it in meeting capital for future growth. We have maintained our estimates for FY20E and FY21E. The EPC business (adjusted for BOT/HAM value Rs 42/share) is available at a PE of 13.2x/11.5x based on FY20E/FY21E EPS of Rs 18.1/Rs 20.8, respectively. We maintain ADD on the stock with SOTP based target price of Rs 312, valuing standalone business at 13xFY21E EPS.

9:55 AM

YES Bank declines 6% to hit 40-month low as brokerages downgrade stock

Shares of YES Bank hit a 40-month low of Rs 126, down 6 per cent on the BSE in the early morning trade on Thursday after UBS cut the target price of private sector lender to Rs 90 from Rs 170.

The stock hit its 52-week low of Rs 121.8/share on the NSE today. READ MORE

9:51 AM

NMDC slips over 4% during morning deals

9:43 AM

J&K Bank skids 6%

9:40 AM

SREI Infrastructure Fin tanks 9%

9:39 AM

DHFL tumbles nearly 8%

9:38 AM

PNB slips nearly 4% in trade